This week: Congress returns, NAFCU meets with Fed’s Bowman

Over the weekend, Democrat Sens. Mark Kelly (Ariz.) and Catherine Cortez Masto (Nev.) won re-election, giving Democrats control of the Senate, regardless of the results of the Georgia runoff election Dec. 6; however, control of the House remains in limbo while votes are still being counted in some races. Meanwhile, Congress has returned for the lame-duck session and the association will track tomorrow’s Senate Banking Committee’s oversight hearing – happening at 10 a.m. Eastern – where NCUA Chairman Todd Harper will testify alongside other financial services agency leaders. The House Financial Services Committee will hold a similar oversight hearing on Wednesday.

As lawmakers work to pass legislation before the end of the year – such as federal government funding and the National Defense Authorization Act – NAFCU will remain vigilant on credit union priorities, including fighting against any efforts to attach the Credit Card Competition Act (CCCA) to extend the Durbin amendment’s interchange network routing requirements to credit cards.

In addition, the NAFCU Board of Directors tomorrow will meet with Federal Reserve Board Governor Michelle Bowman, who has met with NAFCU the last three years, to discuss industry wins in 2022 and credit union priorities for 2023. Recently, NAFCU President and CEO Dan Berger wrote to Bowman in response to her speech discussing competition in financial services.

Of note, NAFCU will host a complimentary webinar tomorrow, where NAFCU Senior Vice President of Government Affairs Greg Mesack, Vice President of Legislative Affairs Brad Thaler, and Director of Political Affairs Allyson Gale will detail the election results so far and what the key congressional races mean for credit unions. Register now; while the webinar is free to attend, registration is required.


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